This is a very common question, and here’s the scoop.
The best way to stop a foreclosure is to submit a complete short sale package. COMPLETE short sale package, not just an offer, not just a net sheet, not just a hardship letter… a COMPLETE package! This will get the short sale process started, and usually if you can get the filed opened and assigned to a loss mitigator, that person will (in most cases) have the authority to postpone or stop the foreclosure sale in order to negotiate the short sale. If the sale is only a week or less from the day you acquire the property, then here are a few helpful hints to speed up the process. First of all, only meet with the homeowner if they have a complete package for you (or very close to a complete package). Here is what they need to provide you:
- last two months pay stubs
- last two months bank statements
- last two years tax returns
- recent mortgage statement (loan number and phone number of the lender)
- hardship letter
When you meet with them, help them fill out the financial form.
Now when you get back to the office, call the lender and ask them for a fax number for the authorization to release AS WELL AS a fax number for the short sale package and a telephone number (direct number) to loss mitigation. Now you fax the authorization to release as well as the complete short sale package. Follow up that day, then the next day, and every day thereafter to push the file and work to get it assigned to a loss mitigator and ask everybody you speak with to postpone the sale since there is now a complete short sale package on file. This is our strategy for getting a sale postponed if the sale is close.
Good luck,
